Buchwald Signals Defeat for Objections in LIBOR Class Suits
The New York Law Journal reported that an eleventh hour push to block proposed settlements with two defendant banks over their role in the manipulation of LIBOR hit a dead end.
U.S. District Court Judge Naomi Reice Buchwald of the Southern District of New York stated in court that she had “no issue on the merits” of the proposed settlements though the Court did not permit Les Jacobowitz, as counsel to the Virgin Islands Public Finance Authority (VIPFA), to present the substance of his arguments. Instead, the hearing focused solely on whether VIPFA had standing to object.
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